The state on Thursday gave preliminary approval to a proposed $29 million development for the former Versailles Center property on the U.S. 60 Bypass, said Mayor Fred Siegelman.
The Kentucky Economic Development Finance Authority in Frankfort gave the nod to the project to finalize what's called tax-increment financing.
The development, called The Paddocks of Woodford, would include a 65-room motel, office space and mixed-used space for retail stores and restaurants.
Rubloff Versailles LLC and Rubloff Group Holdings LP requested $9.7 million in tax-increment financing to pay for sewer and water line expansions, utility line relocations, internal roads, sidewalks and detention basins. The $9.7 million received preliminary approval Thursday.
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Under the TIF arrangement, the money would be repaid with new tax money generated by the development. Final approval for the project will come at a later date.